Press-Releases

NVE Corporation Reports First Quarter Results and Announces


EDEN PRAIRIE, Minn, July 21, 2021 (GLOBE NEWSWIRE) — NVE Corporation (Nasdaq: NVEC) announced today financial results for the quarter ended June 30, 2021.

Total revenue for the first quarter of fiscal 2022 increased 56% to $7.15 million from $4.59 million in the prior-year quarter. The increase was due to a 60% increase in product sales partially offset by a 14% decrease in contract research and development revenue. Product sales increased to $6.95 million from $4.36 million in the prior-year quarter. Net income for the first quarter of fiscal 2022 increased 48% to $3.58 million, or $0.74 per diluted share, compared to $2.41 million, or $0.50 per share, for the prior-year quarter.

The company also announced a quarterly cash dividend to shareholders of $1.00 per share of common stock, payable August 31, 2021 to shareholders of record as of August 2, 2021.

“We are pleased to report large increases in product sales, total revenue, and earnings for the quarter as the effects of the COVID-19 pandemic on our revenue subsided,” said NVE President and Chief Executive Officer Daniel A. Baker, Ph.D.

NVE is a leader in the practical commercialization of spintronics, a nanotechnology that relies on electron spin rather than electron charge to acquire, store and transmit information. The company manufactures high-performance spintronic products including sensors and couplers that are used to acquire and transmit data.

Statements used in this press release that relate to future plans, events, financial results or performance are forward-looking statements that are subject to certain risks and uncertainties including, among others, such factors as risks and uncertainties related to future sales and revenues and risks related to the COVID-19 pandemic, as well as the risk factors listed from time to time in our filings with the SEC, including our Annual Report on Form 10-K for the fiscal year ended March 31, 2021 and other reports filed with the SEC.

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NVE CORPORATION
STATEMENTS OF INCOME
QUARTERS ENDED JUNE 30, 2021 AND 2020 (Unaudited)

 
  Quarter Ended June 30
2021   2020
Revenue
Product sales $ 6,953,766     $ 4,358,635  
Contract research and development 199,397     230,627  
Total revenue   7,153,163       4,589,262  
Cost of sales 1,769,581     836,422  
Gross profit   5,383,582       3,752,840  
Expenses
Research and development   808,142       880,983  
Selling, general, and administrative 466,618     355,011  
Total expenses 1,274,760     1,235,994  
Income from operations   4,108,822       2,516,846  
Interest income 289,720     399,212  
Income before taxes   4,398,542       2,916,058  
Provision for income taxes 818,976     504,193  
Net income $ 3,579,566     $ 2,411,865  
Net income per share – basic $ 0.74     $ 0.50  
Net income per share – diluted $ 0.74     $ 0.50  
Cash dividends declared per common share $ 1.00     $ 1.00  
Weighted average shares outstanding
Basic   4,833,232       4,835,038  
Diluted   4,836,821       4,835,157  

 

NVE CORPORATION
BALANCE SHEETS
JUNE 30 AND MARCH 31, 2021
  (Unaudited)
June 30, 2021
  March 31, 2021
ASSETS
Current assets
Cash and cash equivalents $ 8,868,823     $ 10,427,340  
Marketable securities, short-term   17,061,711       7,678,957  
Accounts receivable, net of allowance for uncollectible accounts of $15,000   3,319,838       1,964,281  
Inventories   3,670,026       3,900,777  
Prepaid expenses and other assets 658,238     391,278  
Total current assets   33,578,636       24,362,633  
Fixed assets
Machinery and equipment    9,280,343       9,254,664  
Leasehold improvements 1,810,872     1,810,872  
    11,091,215       11,065,536  
Less accumulated depreciation and amortization  10,791,821     10,728,853  
Net fixed assets   299,394       336,683  
Deferred tax assets 101,660     73,538  
Marketable securities, long-term 37,463,037     47,038,669  
Right-of-use asset – operating lease 657,662     689,216  
Total assets $ 72,100,389     $ 72,500,739  
 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Accounts payable $ 359,394     $ 336,591  
Accrued payroll and other 651,194     540,474  
Income taxes payable 834,483      
Operating lease 151,110     150,273  
Total current liabilities   1,996,181       1,027,338  
Operating lease 548,859     581,459  
Total liabilities 2,545,040     1,608,797  
 
Shareholders’ equity
Common stock   48,332       48,332  
Additional paid-in capital   19,345,365       19,338,127  
Accumulated other comprehensive income   1,010,954       1,101,119  
Retained earnings 49,150,698     50,404,364  
Total shareholders’ equity 69,555,349     70,891,942  
Total liabilities and shareholders’ equity $ 72,100,389     $ 72,500,739  

 



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